in default

Spanish translation: incumplimiento (en los dos casos)

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"In the event that either Party or any of its Affiliates or employees of a Party commits an act or omission which constitutes a material breach of this Agreement, one or more of the other Parties shall provide written notice of such material breach to the first Party. The first Party shall have thirty (30) days from the date of the written notice to cure such breach. If the breach is not cured within (30) days after such written notice has been received, the first Party shall be considered in default. Furthermore, a Party shall be considered in default if the Party is declared insolvent, bankrupt, dissolved or liquidated, announces a suspension of its payments or makes an assignment or other similar arrangement for the benefit of its creditors."